Egypt plans to open New Suez Canal on August 6

Egypt will inaugurate the New Suez Canal on August 6, which will massively increase the capacity of the existing canal and offer an important chance to boost the country’s struggling economy.

Called the Suez Canal Axis, the 72-kilometer new project involves
a 37-kilometer new waterway and deepening and expansion of the
existing 145-year-old Suez Canal along a 35-kilometer stretch.

"The new waterway will be inaugurated on August 6. The entire
project is Egyptian... the idea, the planning, and the funding...
the project will once again put Egypt on the world investment
map," head of the Suez Canal Authority Mohab Mameesh told
reporters in the canal city of Ismailiya.

The army began construction of the $8-billion canal 10 months
ago. The new route will reduce navigation time from the current
22 to 11 hours. Both canals will be connected by four smaller
waterways and together will continue to provide the fastest route
for shipping between Europe and Asia.

The canal is considered a “national project” in Egypt,
which has been battered by economic and political turmoil since
president Hosni Mubarak was ousted in March 2011.

Eighty-five percent of dredging work has already been completed
and will be finished by July 15.

"They are not only digging and dredging, but also preparing
the maritime path to be valid and secure for global navigation.
We will not allow any ship to pass unless it has navigational
security," Mameesh added.

The government also plans to open an international logistics and
industrial hub near the Suez Canal, which is hoped to eventually
account for a third of Egypt’s economy.

The existing canal earns Egypt $5 billion a year and the new
canal, which will allow for two-way traffic of larger ships, will
boost revenue to $15 billion by 2023. If the hub projects are
also fully realized then Egypt could earn an extra $100 billion a
year.